HOUSTON — (Realty News Report) — Morgan, a Houston-based multifamily company founded 61 years ago by an entrepreneur with remarkable drive, has named Philip Morgan, the founder’s grandson, as Chief Executive Officer.
Philip Morgan becomes the third generation to lead the firm, which traces its commercial beginnings to 1959 when it built three single-family homes in Northeast Houston. Over the decades the company has built or acquired more than $3 billion in multifamily assets, totaling over 20,000 units, and now maintains regional offices in Denver and Miami.
Morgan’s history is often cited as an American success story. Founder Bill Morgan, who lost his entire family in the Holocaust, immigrated to the United States in 1949 with virtually nothing and a sixth-grade education. He held a series of jobs — working as a janitor and a shoe salesman — before saving enough to buy a small convenience store at the corner of Texas Avenue and Caroline in downtown Houston. Those early steps laid the foundation for what became the Morgan multifamily organization. Bill Morgan was also a foundational figure in establishing the Holocaust Museum Houston.
The firm announced in a Tuesday press release that Mike Morgan, son of the founder, will remain Chairman while Philip assumes the CEO role.
“Philip started at the bottom at Morgan and became involved in every department over the past 10 years,” said Mike Morgan. “More importantly, he has earned the respect of everyone here with his work ethic, caring personality, and vision for the company’s future growth while protecting our corporate culture and core values. Philip has been a leader all of his life, so this comes as no surprise to me. He will prove himself to be an excellent CEO. I’m very proud to make this announcement and can’t wait to watch and further support his success.”
As CEO, Philip Morgan will set strategy and guide the company’s vision, with a particular emphasis on expanding the acquisitions platform. He recently led development of the new midrise PearI Marketplace mixed-use project on Elgin Street, which includes 264 multifamily units above a Whole Foods.
The company said Alan Patton will continue as President and will chair Morgan’s investment committee, while Stan Levy will remain Chief Operating Officer and Chief Financial Officer.
In addition to the CEO appointment, Morgan announced the promotion of Evan Schlecker to Executive Vice President. Schlecker has been overseeing Morgan’s activities across Florida, including Midtown 29, a high-rise residential tower in Miami’s Wynwood arts district near the Wynwood Walls creative development.
“I’m extremely grateful for the opportunity to follow in my father’s footsteps and lead this terrific organization,” said CEO Philip Morgan. “We have a diverse team of thoughtful and selfless leaders that share in the vision of seeing the company continue to grow for decades to come.”
July 8, 2020 Realty News Report Copyright 2020